Visual merchandising solution Stylitics has raised $80 million in series C funding from PSG Equity, which now holds a minority stake in the company. The new investment from PSG brings the total amount Stylitics has raised since it was founded in 2011 to $101 million. Past investors include PeakSpan Capital, HDS Capital, NPD and Forerunner Ventures.
The SaaS platform uses AI to help brands and retailers inspire online shoppers with personalized styling, outfitting and bundling suggestions across Product Detail Pages (PDPs), category pages, emails and ads. The solution is currently used by more than 100 major retailers in six global markets including Express, Puma, Chico’s FAS and Williams-Sonoma.
Every month more than 100 million online shoppers see styling ideas created by Stylitics for brands and retailers, with the company reporting that it drives approximately $4 billion in incremental revenue for its retailer clients annually.
Stylitics will use the new capital to triple its investment in product development and technology, including dynamic personalization, real-time display optimization, expanded layouts and experiences, advanced analytics and new digitally native features designed to drive loyalty, engagement and cross-selling. The company also plans to ramp up its R&D initiatives around AR, VR, store, voice, on-figure and other inspiration-based emerging technologies, as well as enhance its program management solutions for customers.
“Stylitics is a truly best-in-class example of using advanced technology and AI to solve large-scale problems and unlock new opportunities,” said William Skarinka, Managing Director of PSG Equity in a statement. “Stylitics’ retail customers in fashion and home see tens or hundreds of millions in revenue increases in year one of using their inspiration tech platform.”